The S&P 500 Index climbed at the open on Friday as investors bought tech stocks ahead of next week’s massive CES conference and cheered signs President Donald Trump was easing up on tariff policies.
The S&P 500 advanced 0.6% at 9:53 a.m. in New York, with six of 11 sectors in the green, led by tech and communications. Health care and real estate led declining sectors. The tech-heavy Nasdaq 100 Index added 1.2%. The Philadelphia Semiconductor Index rose as much as 4.5%, its highest intraday gain since Nov. 24.
The S&P 500 had ended 2025 around 1% below its Dec. 24 record, capping the year with four days of declines. Even so, there’s still room for optimism about a “Santa Claus rally,” as there are still two days left in the traditional period. Volume is likely to stay light; on Wednesday, it had trailed the 20-day average by around 45%.
“When markets are highly concentrated and near all-time highs, the right question to ask is ‘what could go wrong?’” JPMorgan Chase & Co.’s Michael Cembalest writes in his outlook for 2026. Cembalest focuses on four risks: US power generation; China’s ability to scale its “technology moat”; China’s approach to Taiwan, and the “ultimate profits earned on $1.3 trillion in hyperscaler capital spending and R&D since 2022.”
Bloomberg’s Magnificent Seven Index rose more than 1% ahead of next week’s CES tech conference in Las Vegas, which kicks off the year with a showcase of new technology. Advanced Micro Devices Inc. jumped 5.9%, with CEO Lisa Su due to speak Monday night. Nvidia Corp. added 3.0%. Its CEO, Jensen Huang, is set to make several appearances at the event, and will likely focus on data centers, physical AI and robotics, according to Wedbush Securities tech analyst Dan Ives.
